LI AUTO(02015) 格隆汇· Ge Long Hui·2025-05-31 01:57Core Viewpoint - The company reported its Q1 2025 earnings, showing a slight increase in revenue but a significant drop in year-over-year performance, while net profit saw a substantial year-over-year increase [1] Group 1: Q1 Financial Performance - The company achieved a revenue of 25.9 billion yuan in Q1 2025, with a quarter-over-quarter increase of 1.1% but a year-over-year decrease of 41.4% [1] - Net profit for Q1 2025 was 650 million yuan, reflecting a quarter-over-quarter increase of 9.4% and a year-over-year increase of 81.7% [1] - The company delivered 92,864 vehicles in Q1 2025, with a year-over-year growth of 15.5% but a quarter-over-quarter decline of 41.5% [1] Group 2: ASP and Profitability - The average selling price (ASP) per vehicle in Q1 2025 was 266,000 yuan, showing a decrease of 36,000 yuan quarter-over-quarter and 3,000 yuan year-over-year [1] - The gross margin for the automotive business in Q1 2025 was 19.8%, remaining stable despite the decline in delivery volume [1] Group 3: Cost Management - The company effectively managed costs, resulting in a positive operating profit in Q1 2025, contrasting with a loss of 580 million yuan in Q1 2024 [1] - R&D expenses in Q1 2025 were 2.51 billion yuan, down 17.5% year-over-year, while sales and management expenses were 2.53 billion yuan, down 15.0% year-over-year [1] Group 4: Future Product Launches - The MEGA Home model exceeded expectations in terms of orders, and the company plans to increase production capacity to achieve monthly deliveries of 2,500 to 3,000 units by July [2] - Two new electric SUVs, i8 and i6, are set to launch in the second half of the year, with the i8 debuting in July and the i6 in September [2] - The successful launch of MEGA Home is expected to positively influence the market reception of the upcoming electric models [2] Group 5: Profit Forecast and Investment Recommendation - The company's net profit forecasts for 2025 to 2027 have been adjusted to 10.7 billion yuan, 17.4 billion yuan, and 22.6 billion yuan, respectively [3] - The success of the MEGA Home model is seen as a positive indicator for the upcoming launches of i8 and i6, potentially expanding the company's growth opportunities [3] - The company maintains a "recommended" rating based on its strategic focus and product development [3]